Is this it? Has Michigan bottomed out?

After the announcement of GM's bankruptcy, Gov. Granholm said this about Michigan: "We know now that we are hitting bottom."

Do you agree? Or is that whistling past the graveyard?

Myself, I still think we have a loooong way to go. I've heard that happy-happy "bottom" talk for 20 years now at least. I don't mean to say that GM, Ford and Chrysler won't be successful in turning things around. Heaven help us if they don't. I simply think a bankruptcy announcement does not mean happy days are here again. I base that view on the fact that I've never heard anyone go broke then cry, "Yeeha!"